Intuit announced a host of new agentic AI features for both TurboTax and Credit Karma users, many of which take advantage of the fact that they are now on a single Consumer Platform.
TurboTax changes
Through leveraging generative AI, TurboTax will now automate data entry for 90% of the most commonly used tax forms, such as 1040s and 1099s. Mark Notarainni, general manager of Intuit's consumer group, said in an interview that this differs from solutions that simply read data and use that to populate tax forms; Intuit's AI, he said, is more context-focused.
"It's not about just getting and importing the data, or uploading it through a photo or a file. It's actually interpreting the data, so for 90% of forms that are out there, it's just about getting [the data] into it and saying, 'Hey, go do something.' Our agents actually go through and read and interpret it and put it into the form for you. And then you validate," he said.
Tax prep on TurboTax will be further enhanced with a deeper connection with Credit Karma's Tax Assistant. Essentially, Credit Karma will be reading data coming into its platform year round and using that to prompt the customer to answer simple tax questions around new developments throughout the year. The answers to these questions will then be applied to their profile on TurboTax. When the time comes to sit down and actually file, users will find much of the work has already been done.
"We want to make it as easy as possible when it comes to tax time," said Notarainni. "With Credit Karma and Turbo Tax coming together, we're gathering data and information that is relevant and asking you questions along the way that are relevant to your taxes all year long, because your tax situation is affected by [things like] did you buy a house? Did you consolidate debt? … And then the idea there is that by tax time you're over 80% done. … Then you can connect to your expert and say, 'OK, the last 20% let's talk about it.'"
Users will also be able to access an AI-based Outcome Maximization Assistant, which analyzes millions of data sets to predict and identify potential deductions and credits, including state-specific ones, to provide maximized tax outcomes. If they need live assistance for a specific problem, users can access an AI Concierge that helps them connect with an expert suited to their particular situation. TurboTax also now has a Cost Basis Adjustment Assistant to simplify complex calculations, as well as a Business Expense Maximization Assistant to import and understand unstructured spreadsheets and categorize expenses according to IRS guidelines, while the Income Qualification Assistant helps customers categorize their income.
Notarainni emphasized that the AI does not file automatically. The human remains the ultimate decision-maker.
For when customers get their tax refunds, Intuit plans to soon release a Refund Assistant that will give personalized recommendations to pay down debt, develop savings, build credit or invest.
Credit Karma changes
Intuit announced new capacities for Credit Karma as well.
One is a new feature called Credit Spark, which is designed to help people, especially those with little to no credit history, build credit by sharing everyday payments like rent, utilities and phone bills with credit bureau TransUnion. Intuit said users can establish a credit history by allowing up to 24 months of past payments.
Intuit also introduced its new My Cards feature. Once users connect Credit Karma to the relevant feeds, they will have a single central location to manage all their credit cards. MyCards will provide timely, personalized recommendations on spending patterns as well as benefits and rewards. On this last point, Notarainni said that people every year leave billions of dollars on the table by not taking advantage of their credit cards' rewards and incentives programs. MyCredit, he said, will help people recover at least some of that value.
"You have an Uber credit expiring so you should use it on your American Express, or you're leaving points on the table by not using credit card X, Y or Z at certain points when shopping. It's going to be an environment where we're engaging with customers every day, because people swipe their credit cards every single day, and we're going to be helping them make better credit card decisions at the moment," he said.
Credit Karma will soon release a Debt Assistant that analyzes a member's finances, then automatically crafts and delivers a personalized debt pay-down plan, as well as makes recommendations on consolidating, refinancing and tackling high-interest debt. These recommendations might involve a referral to specific partners that will take the user through the process. For example, a person who wants to consolidate their debt may be referred to a financial institution such as Sofi (for which Intuit will get a standard referral fee.)
"What we're doing is we're analyzing their data. … We can tell what kind of debt you're carrying and how much you're paying on that debt, and then we have an incredible network of partners that offer debt consolidation," said Notarainni. "We do all the matching for them and present them with the best option for them, or the best couple of options. And should the customer decide to consolidate, with a click of a button it gets done for them, but it goes to our partners."
Notarainni said the big differentiator for all of these offerings is the sheer amount of data Intuit holds, over 70,000 data points per customer. This allows the company to design specialized, focused experiences that he said general-purpose AI models simply cannot provide.
"The debt assistant, the refund assistant, etc., all of those are purpose-driven agentic experiences, but orchestrated," he said.
